3Q25 业绩略超市场预期 3Q25 公司轮胎产量2,801 万条（+2.6%QoQ），销量2,854 万条（+6.0%QoQ），销售收入100.69 亿元 （+7.5%QoQ）。 风险 发展趋势 全球贸易壁垒增加；原材料价格上涨；产能投放进度不及预期。 盈利预测与估值 公司公布1-3Q25 业绩：收入336.83 亿元，同比+11.4%；归母净利润35.13 亿元，同比+9.3%。即3Q25 收入118.28 亿元，同比+9.8%，环比+5.5%；归母净利润11.91 亿元，同比+76.6%，环比+1.7%。业绩略 超市场预期，主要是由于原材料价格下行利好有所体现。 由于公司3Q25 业绩略超预期，我们上调2025 年/2026 年净利润6.8%/3.4%至45.41 亿元/51.04 亿元。当前 股价对应2025 年/2026 年市盈率9.5 倍/8.4 倍。维持跑赢行业评级，由于明年原材料价格波动仍有不确 定性，我们维持目标价63.0 元，对应2025 年/2026 年市盈率12.1 倍/10.8 倍，较当前股价有28.0%的上行 空间。 原材料价格下降，3Q25 公司成本端受益。2Q25 轮胎主要原材 ...

Core Insights - The company Zhongce Rubber (603049) reported a net profit of approximately 3.513 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.3% [1] - The company's operating revenue for the same period reached approximately 33.683 billion yuan, showing a year-on-year growth of 14.98% [1] Company Overview - Zhongce Rubber is primarily engaged in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, bias tires, and automotive tires [1]

Core Insights - The company reported strong financial performance in Q3, with revenue and net profit both increasing significantly despite a challenging industry environment [1][2][5] - Key drivers of profit growth include improved gross margin and a substantial reduction in foreign exchange losses [2][5] - There is a notable divergence between profit figures and cash flow, with operating cash flow experiencing a significant decline [3][5] Financial Performance - Q3 revenue reached 11.83 billion, a year-on-year increase of 9.77%, while net profit surged to 1.19 billion, reflecting a 76.56% increase [1][5] - Cumulative revenue for the first three quarters was 33.68 billion, up 14.98%, with net profit at 3.51 billion, a 9.30% increase [1][5] - The basic earnings per share for the period was 4.25, representing a year-on-year growth of 4.17% [2] Profitability Improvement - The gross margin improved compared to the same period last year, with operating costs increasing by 16.07%, which was lower than the revenue growth rate [2][5] - The significant reduction in foreign exchange losses contributed positively to profit, with financial expenses decreasing from 3.05 billion to 2.82 billion [2][5] Cash Flow Challenges - Operating cash flow for the first three quarters was only 830 million, a dramatic decline of 62.01% compared to the previous year [3][5] - The increase in cash outflows for purchasing goods and services reached 23.5 billion, a 51.1% rise, which outpaced revenue growth [3] - Accounts receivable rose to 7.71 billion, a 27.8% increase, indicating potential challenges in cash recovery efficiency [3] Expansion and Capital Structure - Total assets grew to 51.08 billion, a 13.96% increase since the beginning of the year, with construction in progress doubling to 4.35 billion [5] - The equity attributable to shareholders increased to 24.14 billion, a 38.14% rise, driven by profit accumulation and an increase in capital reserves [5]

智通财经APP讯，中策橡胶(603049.SH)发布2025年三季度报告，该公司前三季度营业收入为336.83亿 元，同比增长14.98%。归属于上市公司股东的净利润为35.13亿元，同比增长9.30%。归属于上市公司股 东的扣除非经常性损益的净利润为34.31亿元，同比增长23.02%。基本每股收益为4.25元。 ...

中策橡胶(603049.SH)发布2025年三季度报告，该公司前三季度营业收入为336.83亿元，同比增长 14.98%。归属于上市公司股东的净利润为35.13亿元，同比增长9.30%。归属于上市公司股东的扣除非经 常性损益的净利润为34.31亿元，同比增长23.02%。基本每股收益为4.25元。 ...

Core Insights - The company reported a third-quarter revenue of 11.828 billion yuan, representing a year-on-year increase of 9.77% [2] - The net profit for the third quarter was 1.191 billion yuan, showing a significant year-on-year growth of 76.56% [2] - For the first three quarters, the total revenue reached 33.683 billion yuan, marking a year-on-year increase of 14.98% [2] - The net profit for the first three quarters was 3.513 billion yuan, with a year-on-year growth of 9.30% [2] Financial Performance - Third-quarter revenue: 11.828 billion yuan, up 9.77% year-on-year [2] - Third-quarter net profit: 1.191 billion yuan, up 76.56% year-on-year [2] - Year-to-date revenue (first three quarters): 33.683 billion yuan, up 14.98% year-on-year [2] - Year-to-date net profit (first three quarters): 3.513 billion yuan, up 9.30% year-on-year [2]

证券代码：603049 证券简称：中策橡胶 公告编号：2025-033 中策橡胶集团股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》等要 求，中策橡胶集团股份有限公司（以下简称"公司"）现将 2025 年第三季度主 要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（万条） | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | | 轮胎 | 2,801.32 | 2,854.42 | 1,006,928.24 | | 车胎 | 3,258.11 | 3,238.59 | 108,197.25 | 2025 年第三季度公司轮胎产品销量同比增长 11.22%，轮胎产品销售收入同 比增长 12.64%；车胎产品销量同比增长 3.60%，车胎产品销售收入同比增长 12.04%。 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况 ...

证券代码：603049 证券简称：中策橡胶 公告编号：2025-032 中策橡胶集团股份有限公司 第二届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中策橡胶集团股份有限公司（以下简称"公司"或"中策橡胶"）于 2025 年 10 月 20 日在公司会议室召开第二届董事会第十一次会议。本次会议的会议通 知已于 2025 年 10 月 15 日通过邮件、电话等形式发出，本次会议采取现场结合 通讯方式召开，由董事长沈金荣先生主持，本次会议应到董事 12 名，实到 12 名。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》的有关规定，会议决议合法有效。经与会董事认真审议，形成以下决议： 二、董事会会议审议情况 1、审议及通过了《关于 2025 年第三季度报告的议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）上发布的《中 策橡胶集团股份有限公司 2025 年第三季度报告》。 表决结果：同意 12 票、反对 0 票、弃权 0 票。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥11,827,565,261.63, representing a year-on-year increase of 9.77%[4] - The total profit for the quarter was ¥1,194,966,680.90, marking a significant increase of 68.48% compared to the same period last year[4] - The net profit attributable to shareholders was ¥1,190,974,804.28, reflecting a year-on-year growth of 76.56%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,164,253,352.15, up 80.52% year-on-year[4] - Basic earnings per share for the quarter were ¥1.36, an increase of 58.36% compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥33.68 billion, an increase of 14.8% compared to ¥29.29 billion in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥3.51 billion, representing a 9.3% increase from ¥3.21 billion in the same period of 2024[21] - Earnings per share for the first three quarters of 2025 were ¥4.25, compared to ¥4.08 in the same period of 2024[21] - The company reported a total comprehensive income of ¥3.84 billion for the first three quarters of 2025, compared to ¥3.60 billion in the same period of 2024[21] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥51,081,248,661.20, which is a 13.96% increase from the end of the previous year[5] - The company's total current assets as of September 30, 2025, amount to ¥25,249,374,572.06, an increase from ¥21,707,544,831.89 as of December 31, 2024[15] - Total assets reached ¥51,081,248,661.20, up from ¥44,824,439,295.79, reflecting a growth of approximately 13.4%[16] - The company's fixed assets increased to ¥18,762,324,291.87 from ¥18,013,423,919.61, showing a growth of about 4.1%[16] - Total liabilities decreased to ¥26.94 billion in 2025 from ¥27.35 billion in 2024, a reduction of 1.5%[19] - Total equity increased to ¥24.14 billion in 2025 from ¥17.48 billion in 2024, a growth of 38.1%[19] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥830,093,103.82, showing a decline of 62.01% compared to the previous year[4] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥29.68 billion, a 33.5% increase compared to ¥22.29 billion in the same period of 2024[23] - The net cash flow from operating activities was ¥830.09 million, down 62% from ¥2.19 billion in the first three quarters of 2024[23] - Cash outflow for purchasing goods and services was ¥23.50 billion, up 51.1% from ¥15.55 billion in the same period last year[23] - The cash inflow from investment activities totaled ¥205.04 million, compared to ¥98.73 million in the previous year, marking a 107.5% increase[24] - The net cash flow from investment activities was -¥2.66 billion, worsening from -¥1.97 billion in the first three quarters of 2024[24] - Cash inflow from financing activities was ¥13.67 billion, significantly higher than ¥7.64 billion in the same period last year, representing an increase of 79.5%[24] - The net cash flow from financing activities was ¥2.81 billion, a turnaround from a negative cash flow of -¥214.43 million in the first three quarters of 2024[24] - The cash and cash equivalents at the end of the period stood at ¥5.29 billion, up 70.6% from ¥3.11 billion at the end of the same period last year[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,257[12] - The largest shareholder, Hangzhou Zhongce Haichao Enterprise Management Co., Ltd., holds 323,317,169 shares, representing 36.97% of total shares[12] - The company has a significant number of shareholders with over 5% ownership, including state-owned entities and private investment firms, indicating a diverse shareholder base[13] Future Outlook - The company plans to continue focusing on improving gross margins and expanding its market presence in the upcoming quarters[9]

格隆汇10月20日丨中策橡胶(603049.SH)公布，公司实现前三季度营业收入336.83亿元，同比增长 14.98%；归属于上市公司股东的净利润35.13亿元，同比增长9.30%；归属于上市公司股东的扣除非经常 性损益的净利润34.31亿元，同比增长23.02%；基本每股收益4.25元。 ...